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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil heading for weekly drop

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LONDON: Oil prices edged higher on Friday but were set for a weekly decline due to mounting worries about the impact on fuel demand of a widespread resurgence in coronavirus infections, as well as some concern about the likely return of exports from Libya.


Brent crude was up 30 cents at $42.24 a barrel by 0855 GMT, while US West Texas Intermediate (WTI) crude rose 23 cents to $40.54.


Brent is heading for a drop of nearly 2 per cent this week with US crude on track for a decline of around 1 per cent. Both benchmarks are also heading for a monthly decline, which would be the first for Brent in six months. “This month has not been kind to the oil market,” said Stephen Brennock of oil broker PVM.


“Rising virus infections, renewed lockdowns, slowing economic recovery and stalled US stimulus talks have put the brakes on the fragile revival in fuel demand.”


In the United States, which has the highest death toll from the coronavirus pandemic and is the world’s biggest oil consumer, unemployment claims unexpectedly rose last week suggesting an economic recovery is flailing and pushing down fuel demand.


— Reuters


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